Constructing Financial Statements from Account DataBarth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011.Accounts payableAccounts receivableBonds payable, long-termBuildingsCashCommon stockCost of goods soldEquipmentExpensesTotal expensesNet incomeAssetsCashTotal current assetsTotal assetsBarth CompanyIncome StatementYear Ended December 31, 2011♦$♦◆◆$24.000Inventory $ 54,00045,000Land120,00012,000300,000Goodwill226,500 Retained earnings90,00072,000Sales revenue600,000♦+♦♦225,000 Supplies inventory4,500270,000 Supplies expense 9,000105,000Wages expense 60,000◆◆◆$$$Barth CompanyBalance SheetDecember 31, 2011Liabilities and equityTotal liabilities♦◆+Total equityTotal liabilities and equity

Lets understand the basis. Income statement is prepared to understand the revenue, expense and net…

Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. Accounts payable Accounts receivable Bonds payable, long-term Buildings Cash Common stock Cost of goods sold Equipment Inventory $ 54,000 Land 120,000 12.000 90.000 600.000 4,500 $ 24,000 45,000 300,000 Goodwill 226.500 Retained earnings 72.000 Sales revenue 225,000 Supplies inventory 270.000 Supplies expense 105.000 Wages expense Barth Company Income Statement Year Ended December 31, 2011 9.000 60.000

Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. Accounts payable Accounts receivable Bonds payable, long-term Buildings Cash Common stock Cost of goods sold Equipment Inventory $ 54,000 Land 120,000 12.000 90.000 600.000 4,500 $ 24,000 45,000 300,000 Goodwill 226.500 Retained earnings 72.000 Sales revenue 225,000 Supplies inventory 270.000 Supplies expense 105.000 Wages expense Barth Company Income Statement Year Ended December 31, 2011 9.000 60.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following Information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 34,475 Accounts receivable, net 101,959 $ 42,354 70,522 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable 130,758 11,329 317,729 $ 596,250 110,974 162,500 171,340 96,043 11,118 293,972 $ 514,009 $ 86,868 118,222 162,500 146,419 $ 596,250 $ 514,009 $ 41,986 56,541 60,824 4,758 259,991 $ 424,100 $ 54,862 91,852 162,500 114,886 $ 424,100 $ 151,436 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: The company's Income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Interest expense Income tax expense Other operating expenses Total costs and expenses…
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Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 30,847 85,864 112,410 9,639 278,899 $4 36,772 $ 37,181 60,602 82,558 9,090 257, 236 49,574 52,807 4,131 224,507 Total assets $ 517,659 $ 446,258 S 368, 200 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 131,475 73,909 $ 48,116 95,373 163, 500 127,311 83,813 163, 500 72,771 $ 446,258 $ 368,200 101,613 163, 500 107,236 Total liabilities and equity $ 517,659 1. Express the balance sheets in common-size percents. (Do not round intermediate calculations and answers to 1 decimal place.) 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivab assets favorable or unfavorable?
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